NNPC Plans 5-10% IPO Share Sale to Boost Transparency

The Nigerian National Petroleum Company (NNPC), led by group chief executive Bashir Bayo Ojulari, plans to offer between 5% and 10% of its shares in an initial public offering (IPO). The IPO will initially target the domestic market, with potential for a secondary listing in London or New York later.

Ojulari indicated that preparations for the listing would take at least all of 2027. The primary goal of the IPO is to improve NNPC's transparency and governance in accordance with Nigerian law, while raising capital is a secondary objective.

This share sale represents a significant advancement for Nigeria's oil sector, which has faced demands for improved commercial discipline and financial transparency. A successful IPO could also increase local investor participation in Nigeria's energy industry.

Additionally, Ojulari mentioned that Chinese companies have shown interest in acquiring equity stakes in some of NNPC's smaller refineries, with NNPC retaining at least 10% ownership in such arrangements.